"07 August 2021" Archive

GST Registration Cancellation is impermissible for reasons beyond statutory provisions

F R Trade Links Vs. State Tax Officer (Kerala High Court)

Hon’ble High Court of Kerala has declared that the proper officer is not vested with any power to cancel registration certificate of a dealer, for reasons not prescribed U/s. 29 (2) of the Central Goods & Services Tax Act/State Goods & Services Tax Act, 2017 (CGST Act & SGST Act)....

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Analysis of Proposals of SEBI Board Meeting dated 06.08.2021

SEBI Board Meeting – PR No. 24/2021 Dtd. 06th August, 2021 On 06th August, 2021, the Board of SEBI met in Mumbai. In the said meeting, the Board took the following decisions: New SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 The Board considered and approved the merger of SEBI (Issue of Sweat Equity) [&hel...

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Maintenance Charges paid to RWA―Reversal of ITC

Per High court judgment in the case of Greenwood Owners Association & Ors. v. Union of India & Ors.(2021) 36 J.K.Jain’s GST & VR 57 (Mad), monthly contribution of members collected by Resident Welfare Associations (RWA) are Liable to GST on contribution exceeding Rs.7500/- under HSN code 9995. The circular No.109/28/2019 dat...

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Income Tax, GST, FEMA, Customs, DGFT Updates dated 07.08.2021

To attract foreign investment so to have boost in recovering economy from COVID-19 slowdown, to provide tax certainty to foreign investors, and to provide a positive message to foreign investors to invest in India by assuring tax certainty the Government of India on 04th August 2021 introduced a Bill in the Parliament to amend Explanation...

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IBBI signs a MOU with NSE of India for research collaboration

Notification No. IBBI/PR/2021/17-IBBI 06/08/2021

Insolvency and Bankruptcy Board of India (IBBI) signs a Memorandum of Understanding (MOU) with National Stock Exchange (NSE) of India for research collaboration Insolvency and Bankruptcy Board of India Notification No. IBBI/PR/2021/17 6th August, 2021 Insolvency and Bankruptcy Board of India signs a Memorandum of Understanding with Nation...

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ICAI Handbook on Claims under Insolvency & Bankruptcy Code, 2016

It is five years now since the enactment of The Insolvency and Bankruptcy Code, 2016 and both the Financial Creditors and Operational Creditors have taken recourse under the Code for insolvency resolution. As per IBBI data, as of March 2021, with regard to realizations under resolutions, the recovery for all classes of creditors, as compa...

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Gist of Report on ‘Implementation of IBC- Pitfalls & Solutions’

Latest Update on IBC Gist of Report of Standing Committee on Finance ‘Implementation of IBC- Pitfalls and Solutions‘- on IBC 2016 On 28th July 2021 Lok Sabha had passed the Insolvency and Bankruptcy Code (IBC) Amendment Bill, 2021 and on 3rd August 2021 Rajya Sabha had passed the same and it has become Insolvency and […...

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SEBI LODR Amendments: Effective date deferred

SEBI/LAD-NRO/GN/2021/38 06/08/2021

The SEBI vide Corrigendum dated 06th August, 2021 has provided the much-needed clarity. It has deferred the effective date of applicability of the amendments notified by it in the SEBI (LODR) Regulations, 2015 vide Notification No. SEBI/LAD-NRO/GN/2021/35 on 3rd August, 2021 [SEBI (LODR) (Third Amendment) Regulations, 2021]. Accordingly, ...

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Model Tenancy Act 2021: Revolutionizing the Rental Market

Introduction The Prime minister and its council of ministers on June 2 approved The Model Tenancy Act, 2021(MTA)[i] by introducing a new codification of law, thereby altering the existing law. The new model act is expected to improve the existing laws. The act tries to reduce the disputes between the parties by clearly stating the [&helli...

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HC quashes Assessment order which was passed by giving only 4 days’ time to respond

Radhe Shyam Kumhar Vs DCIT (Rajasthan High Court)

It was also argued that the respondent Assessing Officer has also committed an error in giving only four days’ time to the petitioner to respond to the show cause notice....

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October 2021